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a big eye there. let's get a check on wall street where fed chairman ben bernanke is making investments nervous. sfoks are down after bernanke outlined the ways fed can pull back on the $1 trillion being used to prop up the economy. today's house financial services commity hearing was postponed because of the snow in d.c. the fed decided to release bernanke's prepared remarks anyway. so we are going the keep our eye on how the markets respond there throughout the day. you can see as we stand still above the 10,000 mark but down 37 points on the day. stocks are low on fears any move by the fed to pull out money from the financial system could hurt the recovery. >>> the sex scandal surrounding john edwards is back in the news. today's the deadline for former aide to turn over an alleged sex tape. senior investigative correspondent lisa myers joins me now. has he done it yet? is the plan that he will turn it over during a court hearing? >> well, as of a couple of hours ago the tape was in the sheriff's office in north carolina. and was going to be delivered to the court around 2:00 today w
, it by them. >> thank you. chairman bernanke, i think chairman frank mentioned the deficit in passing and the debt. that is what i want to ask you about. that is the elephant in the room. we have reduced our debt is going to double in the next five years, a triple in the next 10 years. it is fueled by historic deficits. i heard this morning on television that we have many cases across the united states and children and adults that are walking out on thin ice. they walked out day after day and they get some comfort and nothing happens. the thin ice is dangers. i submit that this type of budget half is a dangerous. i would ask you -- i do not believe that our present budget passed is sustainable. my first question, it is our budget path sustainable? secondly, is there a need for the congress to come up with a concrete plan to change p that the toath? do you believe there is urgency in that? >> you asked about sustainability. you are talking of the medium term charge of a deficit that remains after the economy has returned to normal levels of activity. estimates of the sexual deficit ran
for banks in the country. host: ben bernanke referred yesterday to short-term political liability for this. guest: i think he is absolutely correct. people tend, under these kinds of conditions, to one to blame someone. the problem with that is there are plenty of people to blame. we deregulated the industry. the congress deregulated the industry. there was a culture, if you will, of deregulation. and this encouraged some of what i call speculative activities that led to the bubbles and then the collapse. yes, you had this reaction. i think it is an overreaction, and the outcome would be -- as you try to blame someone you get worse outcomes rather than better outcomes, and i think that is what the chairman was trying to communicate. host: does the banking committee and the members, are they right to be angry at the fete at all? guest: if they're going to be angry, i think they have to be angry at everyone, including themselves. they allow these organizations to get bigger and more risk oriented. and yes, and regulatory agencies because of this culture -- the regulatory agencies because of
. bernanke. -- thank you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] ♪ >> we have quite a lineup on this isle. only a couple on the other. we need a few more folks down here. we've already had to pull some day -- a fulsome day. let's proceed to our question and answer session. we have three other excellent speakers, so a lot to look forward to. i want the banking for coming and your excellent attention. this is our fifth symposium and they seem to get better every year, if that is indeed possible. thank you all for making this such a productive in event. all right, we will begin with our question and answer is, and because there are more of you then of view, we're going to start on this side. >> this is a question for mr. kantor. and cultural prophets redeem themselves with accurate insights? >> i am not sure that i understand the question. >> you are talking about cultural prophesied and you believe that they cannot predict accurately. but can the kid rick -- redeem themselves? >> i am not sure what you mean by t
-span, federal reserve chairman ben bernanke testifies on capitol hill. president obama discusses his economic policies at a meeting with the u.s. business roundtable. and toyota executives testify at a hearing about their company's recalls. on tomorrow's "washington journal," we will preview health care summit with members of congress, including michael burgess of texas, diana degette, james clyburn, and bill cassidy. james clyburn -- julie rovner as well. >> live on thursday, day-long coverage of the health care summit. live from blair house, it will also include your reactions on c-span radio and c-span.org. >> now, federal reserve chairman ben bernanke. he told congress that the federal reserve will maintain low interest rates to help preserve the economy. this is about an hour. >> chairman frank, ranking member baucus, and other members of the committee, i am pleased to present the federal reserve's semiannual monetary policy report to the congress. i will begin with outlook -- comments on the outlook of the economy and for monetary policy. although the recession officially began more tha
, and if the government pulls back too fast, if bernanke pulls back too fast or if the executive congressional branches pull back too fast, there is a question whether it would worsen things, i think that's legitimate. what i do believe you can put into place trigger mechanisms on medicare reforms, on medicaid reforms, on social security reforms, so that these things are in law and they're not just sort in imagination. it's hard, as you know, nor invei for investors to have much confidence in the future of the nation's finances when there's nothing and it's just talk and we're just continuing to talk. >> on that very point, there was a new report on rising life expectancy, which is a great thing, a great triumph of human medicine, but, you know, why don't we talk about raising the retirement age for medicare and social security gradually over the next 20, 30 years. it would save a lot of money. >> that's going to be a big discussion that we'll be having on this show very regularly, and we'll call on both of you to do it again, david gergen, cnn analyst, and stephen moore, "wall street journal" writer.
bernanke also kept the market in check. he outlined the plan that the central bank will follow once the economy has recovered. bernanke was scheduled to deliver the testimony in person to a congressional panel, but the wearing was postponed because of, well, the storm. weather permitting, tomorrow we'll get the latest readings on jobless claim ace long with earnings on pepsico and viacom. and did i happen to mention it's snowing here? >> yes. is it making you a little grouchy? >> i'm not grouchy, i'm not going home. that's what's happening. >> hang in there. one year after hayleigh cummings vanished from her home, we hear from her father in jail on drug charges. we're going to talk about that next. >> the nasty winter weather is making roads deadly. earlier we showed you the stretch of interstate 80 in central pennsylvania. we have now learned, at least one person was killed after about 50 vehicles were involved in crashes. this is all in clearville county. another is said to have a serious leg injury because of all of this. no one is really going to go anywhere on the east coast to
bernanke who was named by bush the federal reserve chairman, henry paulson, the treasury secretary. they said if they didn't do this bailout, the abyss would've happened and it wouldn't have been a recession, it would have been a depression. >> well, you know, a lot of people did offer that chicken little scenario. and equally other economists and people in the real banking world, for example, a communication i received from the president of bb & t asking the 435 members of the house and the 100 members of the senate not to vote in favor of the bailout because the money would not end up being used by banks to be loaned to consumers and you would have banks under the thumb of greater government control. and, indeed, though i don't like to use hank bolson as a source, he made it very clear that while mccain in the end supported it, when john suspended his campaign to go back to washington, and voters thought he's going to make a stand for us. john, instead of being the tell it like it is straight talk express guy, he meekly read a couple of talking points and went ahead with the whol
, some news today. federal reserve chairman ben bernanke told the senate banking committee today and his second day of testimony on capitol hill this week that interest rates will have to stay low for a lengthy period to counter a weak job market. the u.s. central bank chief prepared remarks were virtually identical to those delivered yesterday to the house financial services committee. and cheaper nike also told lawmakers that goldman sachs and other wall street firms may be looking into a sophisticated instrument investment instrument to make bets that greece will default on its debts. also about the healthcare summit which you can see live on c-span3 and c-span.org, a story from yahoo news saying that a consensus on how to rein in spiraling healthcare costs seem to be emerging as president obama some that the president agreed with assertions by oklahoma republican senator tom coburn that abuse them out account up to a third of the cost of a time of programs like medicare and medicaid. and is a major barrier to worldwide insurance coverage. senator coburn said that the cost is the chie
. host: a couple other items, business section of "new york times," that ben bernanke has survived a challenge to his second term as chairman, and faces the delicate task of beginning to pull the central bank out of its extraordinary situation. guest: the economy through the fall of 2008 and through last year, in an effort to help banks and credit markets and to prevent the financial system from imploding. they did that by lower the interest rates, and now they have to pull that back. they have to pull the federal reserves investments in the economy back. and they have to do that carefully because they don't want to cause problems in doing so, which is something that could happen. it will be delicate. markets are watching when this will happen. if he doesn't do it right, you will see plunges in stock values. host: what is the update? guest: last week senate dodd announced he was at an impasse with senator shelby, and it's not a good sign. there are some republicans who said they were committed to get a bill. one thing to watch is bob corker, a new senator from tennessee, he's worki
of making decisions on interest rates. mr. bernanke does testify regularly on capitol hill explaining what he is doing, and why he is affecting monetary policy the way he is. some, like milton friedman, have suggested that we could replace federal reserve with a computer that could determine these interest-rate formulas. perhaps that would be better. federal reserve policy can be subject to certain criticism. i do not hoknow how we would do this. there is disagreement on the way they have handled the recession, and that is fair. host: another tweet -- guest: $3 trillion of the deficit? over the next 10 years, if we expended all the tax cuts, for everyone, that would be about $3 trillion. the deficit is much bigger than that. the base line is $11 trillion. if you got rid of all the tax cuts, we would still have and $8 trillion deficit over the next 10 years. president obama is not talking about doing that. only for those making more than $250,000 a year. that is only 1/5 of the tax cuts. if you want to get rid of "tax cuts for the rich" it is over $16 billion from a deficit of $11 trillion.
bernanke was scheduled to testify before the services committee and not any more. the hearing was postponed and may still release a plan at the top of the hour. it is expected to outline the bank's central plan and unwind programs that waere designed to get out of the crisis we're experiencing. disney says its fourth quarter results reflect, they are putting off travel plans to the last minute. the company had to rely on discounts. >>> finally, robin, we did a little digging, snow digging. 41 years ago today, that was the last time the new york stock exchange was closed for snow. last full snow day that they've had. no worries, they're at it today. they're down there and the nyc is open. it's kind of weird. 41 years ago today. >> they officially closed them, but not today. >> not today. >>> bracing for a blizzard is even tougher when you're already recovering from record-setting snow storm. how the nasty weather is affecting thousands of flights and a morning commute. this is from washington, d.c., i can tell. mostly from the call letters. >>> plus, one of tiger's alleged mistresses says he
with bernanke and for some reason there have been just no real uptick generally about the fact that those types of things already are prohibited. you can only use a minimal amount of the bank's capital in other areas of a bank holding company. in addition to that, it actually move capital permanently, you've got to reduce the capital of the commercial bank also. so i do wonder -- >> yes, go ahead. basically, you're saying that those who think this is simply a punitive move by the obama administration are right. am i reading you correctly? >> well, let me say this. look, paul volcker is like a folk hero here? there's no question. his inflation efforts were tremendously appreciated and the timing of the announcement, i think everybody on all sides are transparently political. that doesn't mean, that look, we don't need to continue to look at ways of dealing with this. i don't think it got a great reception yesterday. again, we've got one more hearing tomorrow with goldman and others and we'll drill down in another way, but my sense is there's not a lot of traction on it because there are mechanis
today. >>> meantime, making headlines in the business world, fed chief ben bernanke back on capitol hill telling the senate committee that the central bank is looking into whether u.s. you banks worsened greece's debt crisis. some u.s. banks are said to use complicated currency swap to help greece understate the debt problems betting thalt country would default on its debt. coming up tomorrow, friday on wall street, we'll get key reports, consumer sentiment, existing home sales, also a revised reading on fourth quarter gdp, the final day of the trading week. >>> a lot of questions today about why a killer whale at seaworld turned on its trainer. next jane velez-mitchell host of "issues" will give her take on this tragic incident. don't go anywhere. >>> 40-year-old dawn brancheau was one of the most experienced trainers at orlando seaworld. her death is a shock to her co-workers and park visitors who saw this happen yesterday. a killer whale named tilikum dragged her under water at the end of a performance in the shamu stadium. audience members said, at first it just seemed like it was pa
. the ayes have it. the motion is agreed to. accordingly the house stands >> ben bernanke testifies about the economy and monetary policy. now, secretary lahood. this part of the hearing is 50 minutes. >> let me just raise a couple of questions with you very quickly. the committee has reviewed thousands of complaints regarding sudden acceleration in the toyota vehicles. before the crash thatñossÑçkçñar membersÑiñr of at( family in aut "tsjutÑ. ñrmy questionÑi is, why did it e jjtxdñrÑi to act? &Ñignz+:çóx@%ylñx].sÑiñr why did it take them so long to act? >> mr. chairman, i would say this. i have been in the job more than a year. prior to my time which would have been prior to january 23rd of '09, if there issues i can't answer, i will get back to you for the record. i will tell you this, 30,000 complaints come to nh tsa every year and we look at every one of them. we think every one is important. some come from people who are driving cars and some come from the industry. we look at what's going on from stakeholders and people in the automobile business. sometimes they f
. bernanke looks closer to getting his way after what has been a fraught few months. calls the fed to -- host: chat mooga, tennessee, next on our republican line. laurie. caller: hi. i want to comment about the bipartisanship that i see a great deal of in washington and that seems to be that everybody is in agreement 100% on sucking up to their, to the people that spend the money on them, to get them voted in the office and everybody seems to be completely bipartisan on the fact that they're up there to look after their own skin and not the american people. and as far as trying to agree with somebody on the other side of the aisle just for the sake of being called bipartisan, where's your conviction? it doesn't matter whether you're republican or democrat, independent or whatever. if you've got conviction, stick with them. do what's right for america. not what's right for your party. not what's right for the people who paid to get you in office. and that's about all i have to say. host: orange county, creativity. kalee on our democrats line. caller: i'm a democrat who is going switch to an in
to the audience at c-span2, douglas bernanke -- douglas brinkley. thank you for joining us this morning. guest: good morning. thanks for having me. host: if president stay were a holiday celebrating just one president, it there or one president to honor, who would it be for you and why? guest: i think the original, george washington. remember presidents day began as washington's birthday in 1880 and subsequently evolved, 1971 was started getting this concept of presidents day morphing of washington and lincoln's birthday and then the idea of just celebrating the institute of the president and having school children learn each president and what they look like and memorize the names. but washington is, in my view, the person we need to be celebrating on presidents' day. he did something very extraordinary as our first president, he stepped down. he showed you could relinquish power. that we were not going to become a market. he could have stayed in for life terms because he was that popular but i think it was the beginning of the tradition -- of the presence in beginning with washington. and ou
Search Results 0 to 16 of about 17